Word: aarp
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Despite the cries of the American Association of Retired Persons (AARP), Social Security needs a huge overhaul. Rather than trying to provide for the entire younger generation, it needs to set its sights on the neediest cases. Otherwise, the Social Security fund will be bankrupt before this generation gets to collect. People in the work force will more than make up their Social Security with private savings--an asset on which the government can't default...
...reasons why the Republicans have ignored Social Security are solely political. When so many elderly Americans voted Republican, the G.O.P. knew where its support lay. The AARP's legendary lobbying power is also preventing Congress from providing for the future as well as the present. But the Republicans have not caved in entirely; they still plan some Medicare cuts, though it's unclear how much the voting elderly will be hurt...
...Association of Retired Persons settled a dispute with the IRS by shelling out $135 million to the feds. At issue were back taxes on the money that the nation's largest senior citizen organization made from royalties on insurance, mail-order prescription drugs and other products that used the AARP name in their marketing. The AARP stressed that its payment did not imply any admission that it would owe taxes on such income in the future. Nevertheless, the settlement sent a chill through the non-profit world, where the AARP scheme is an oft-used money-maker...
...Administration got some unwelcome news on health care from the American Association of Retired Persons. The White House had lobbied for an endorsement of its plan, but instead the board of the 33 million-member AARP said the Clinton bill "falls short in a number of ways"; however, the group also declined to endorse any competing plans. On another front, the AFL-CIO announced that it would soon be releasing a substantial part of a planned $3 million ad campaign on behalf of the President's proposals...
Unfortunately, we, as America's young generation inheriting the debt, are politically underrepresented. We have no AARP lobbying day and night for our interests in Washington D.C. All we have, essentially, is an organization called Lead or Leave led by a bipartisan advisory board of courageous politicians and academics from Paul Tsongas to William Weld to Ben Friedman...